Sunday 22 May 2022 11:58 PM Tax cuts set for millions of Australians after Anthony Albanese wins election trends now
By Stephen Johnson, Nic White, and Charlie Moore for Daily Mail Australia
Help for first home buyers
Labor will introduce a 'Help to Buy' scheme where the government would take a 40 per cent stake in up to 10,000 homes a year to help people earning less than $90,000 on to the property ladder.
Mr Albanese will also create a $10 billion Housing Australia Future Fund to build 30,000 new social and affordable housing properties in its first five years.
Childcare changes
One of Labor's most significant policies is to increase childcare subsidies for all families earning less than $530,000.
'We can write universal childcare into that proud tradition,' Mr Albanese told supporters.
Mr Albanese would remove a cap that prevents families earning more than $189,390 from receiving more than $10,560 a year in subsidies.
A family on $189,390 that uses childcare five days a week would instead get $21,608 in subsidies, more than double the current allowance.
Lower income families would also benefit from increased subsidies. For example, a family taking home $80,000 a year would get an extra $2,389 a year for full-time care.
Labor will also launch a review into providing a 90 per cent universal childcare subsidy.
Tax Cuts
Labor will implement the stage-three income tax cuts in 2024, which will create a flat rate of 30 per cent between $45,000 and $200,000.
The move mostly benefits those earning more than $120,000, who are now still taxed at 37 per cent.
Labor dropped its 2019 policy to ban negative gearing, a major tax bonus for property investors which economists say pushes up house prices.
Mr Albanese talked about Labor as the party of opportunity, using the language of self improvement over class warfare in his speech.
'But also no one held back: of course, we should always support aspiration and opportunity,' he said.
Education
Labor will provide 465,000 free TAFE places and 20,000 extra university places under a $1.2 billion plan.
The free TAFE places will be for courses in industries with a skills shortages such as trades and construction, resources, digital and cyber security, new energy, and advanced manufacturing.
Labor has no plans to reduce university fees after the Coalition hiked prices for humanities courses.
Access to GPs
Mr Albanese has pledged to build 50 first-aid clinics across the country.
The clinics will treat non-life threatening injuries such as broken bones, minor burns, cuts and animal stings and be open every day between 8am to 10pm.
He also promised to spend $750 million over four years to improve access to GPs including outside business hours.
Labor will increase government subsidies for medicines on the Pharmaceutical Benefits Scheme by reducing the maximum cost for the patient from $42.50 to $30 per script.
Defence and borders
Labor is backing the AUKUS alliance and obtaining nuclear-powered submarines to counter the rise of China.
Labor supports boat turn-backs and offshore processing but would scrap temporary protection visas. This would allow thousands of refugees already living in Australia to stay
